Dogecoin Drops Sharply From the $0.076 High but Holds above $0.066

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Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bearish
Dogecoin’s (DOGE) price is in a downward correction as it holds above $0.066. On July 20, the altcoin rallied to the high of $0.076 but dropped sharply. DOGE price has fallen above the moving average lines as bears attempt to sink the coin below it. On the downside, if the bears break below the moving average lines, the market will decline to the low of $0.06. However, if the DOGE price holds above the moving average lines, a fresh uptrend is likely to resume.

Dogecoin Drops Sharply From the $0.076 High but Holds above $0.066
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. DOGE price bars are above the moving average lines indicating a possible rise of the coin. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 4– hour chart, the DOGE price is in a downtrend. It is declining from the $0.075 high. Meanwhile, on July 21downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the DOGE price will fall at level 1.618 Fibonacci extension or level or $0.061 price level.

Dogecoin Drops Sharply From the $0.076 High but Holds above $0.066
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. It indicates that the coin has reached the oversold region of the market. The selling pressure has reached bearish exhaustion. The 21-day line and 50-day line moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
Dogecoin has broken into the bullish trend zone as it holds above $0.066. The coin is holding above the moving average lines for a possible upward move.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.